American entrepreneur and cryptocurrency advocate John McAfee continues to promote his decentralized exchange (DEX). He spoke about the idea in tweet published on October 20.
“What is the main thing about decentralized exchanges? How do you deposit and withdraw your funds? (…) It’s very difficult because on a decentralized exchange, no information is collected, (everything happens) without name, surname, address, social security number, email.”
– notes McAfee.
The World of the Future According to John McAfee
Rather than finding a mechanism for fiat conversion, McAfee outlined his vision of a reality in which national fiat currencies become increasingly irrelevant, with many cryptocurrencies simply replacing them:
“Imagine a world six months from now, a year from now, two years from now, where fiat currencies are no longer relevant; you can buy houses, cars, and shoes with cryptocurrencies, with Bitcoin, Monero, Ethereum, and more. Soon, we’ll be able to get everything we need with cryptocurrencies.”
McAfee believes that the vision will be complemented by stablecoins such as DAI, which can help alleviate DEX users’ concerns about their controversial idea.
He noted that DAI is programmed via smart contracts to never lose dollar parity by more than one percentage point – regardless of the situation in the cryptocurrency markets:
“Imagine withdrawing your currency from a DEX in DAI, it will always be worth (around) a dollar.”
DEX
As reported, McAfee launched McAfee DEX earlier this month. It’s a decentralized, distributed trading platform that doesn’t require customers to complete KYC procedures and can’t be blocked in any jurisdictions.
Any ETH-based token (ERC-20 standard) – such as DAI – can still be added to the platform without fees.
At the time of the exchange’s launch, McAfee himself said that the cryptocurrency community faces the question of whether its aspirations are limited only to speculation or whether it is concerned with the ideal, namely freedom.
As of January 2019, decentralized platforms accounted for just 19% of the global exchange ecosystem, and their trading volume was less than 1% of transactions concluded on centralized exchanges.
